franz_william

HYLN looking bullish

Long
NYSE:HYLN   HYLIION HOLDINGS CORP
HYLN is currently in a flat bottom formation. Once it breaks out of that I would expect it to enter a bullish trend and rise until the $27.86 resistance.

- It found support on the EMA20, signalling the end of the downtrend
- MACD is in positive territory
- Daily RSI is rising steadily and just above 50, still far from overbought territory
- Weekly RSI looks close to turning positive
- There's a gap waiting to be filled at $23.64

I'm still quite new to trading and keen to learn, so any constructive critique is more than welcome.

Thanks and good luck!

Comments

Hey Franz,

I would wait to get involved in a swing for this. Currently though as an investment it looks great. I would like to add on the MACD. Seems to me like a consolidation phase. From how the blue and orange lines are so tight together and little curvature. Almost like its flatlining. If the moving averages of the MACD start to show signs of it crossing over the 0 level. I think that would boost momentum and i would get in provided other factors show momentum or trend to upside rather than to downside. I would also add the STOCH RSI to further support MACD to show where the momentum or trend is going. I would also look at the 50SMA. If price action is below it, it give a bearish case and if above 50SMA, it would push me closer to seeing if i can swing. Overall though just from what i see from this chart. It has potential. Hope this helps.
+1 Reply
@Saf_h, Thanks for your feedback, it's very useful. You're right, it's definitely too early to jump in. The stock gave a false breakout a few days ago with high volume - got my hopes up, but it turned out to be a fake unfortunately. I still think this movement is looking bullish, but we need confirmation of it, so yes, I totally agree with your analysis. Thanks!
+1 Reply
@Saf_h, Well, it definitely broke the downtrend today. :) It should fill the gap until 24 then I'd expect it to take a breather before continuing to 28, possibly higher.
Reply
Saf_h franz_william
@franz_william, oh nice congrats. I just looked into and put it on watch list. Forgot last time. But weekly MACD , stoch and RSI look good. Ill be eyeing it now. May have a bigger push up.
+1 Reply
@Saf_h, Volume yesterday was so strong, it's a good sign. It could push well higher. Good luck!
Reply
Saf_h franz_william
@franz_william, one thing to keep an eye on is the 100 DMA is crossing down over 200DMA. And 50 DMA is below both. In a traditional bull trend. 50 should be on top of 100 and 100 should be on top of 200.
+1 Reply
@Saf_h, Yes, absolutely. That might still happen though, let's see. Might need a bit of patience. Today's volume is encouraging so far.
Reply
Saf_h franz_william
@franz_william, Yeah you want to see that volume for sure. Very similar to NKLA in a way. Ill probably take a position when it gets closer for that MACD cross on the weekly. Also regardless its an electric truck company with a market cap of 3billion and FA looks solid. During Bidens term i feel this is a solid pick if you end up stuck with it (worse case scenario)
+1 Reply
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